Spanish Authorities crack Down on €460 Million Crypto Fraud Network
On June 25, Spanish law enforcement, with Europol and international partners, dismantled a massive crypto fraud operation. The Guardia Civil, alongside agencies from Estonia, France, and the U.S., arrested five suspects. Three were caught on the Canary Islands,and two in Madrid.
The fraudsters allegedly used a global network of salespeople to trick people into investing in fake crypto schemes. They collected money through cash, bank transfers, and crypto. Investigators say the network swindled over 5,000 victims, laundering around €460 million.
The criminals set up a complex corporate and banking structure in Hong Kong. They used payment gateways and accounts across crypto exchanges to hide their tracks. The examination is still underway.
Just weeks earlier, another online investment fraud was uncovered. Authorities from Germany, Cyprus, albania, the UK, and Israel, with Eurojust and Europol support, shut down a €3 million scheme. The group used fake trading platforms and psychological tactics to deceive victims.
Europol’s recent threat assessment highlights online fraud as a major EU security concern. They predict it will soon surpass other organized crimes, fueled by AI’s growing use.
